VIX Options



Historical Performance for the Cboe Volatility Index

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 Critical Periods   

VIX Options

Following the successful launch of VIX futures, Cboe Options Exchange introduced VIX options in 2006, providing market participants with another tool to manage volatility. VIX options enable market participants to hedge portfolio volatility risk distinct from market price risk and trade based on their view of the future direction or movement of volatility.


Trading

Monthly and weekly expirations in VIX options are available and trade during U.S. regular trading hours and during a limited global trading hours session (2:00 a.m. to 8:15 a.m. CT). Additionally, the VIX Index is calculated and disseminated overnight, providing market participants with real-time volatility information whenever news breaks.


VIX Weeklys Options - Now Available in Penny Increments

VIX Weeklys options began trading on Cboe Options Exchange in 2015 and provide market participants with additional opportunities to establish short-term VIX positions and fine-tune the timing of their hedging and trading activities.

Weekly expirations for VIX options are generally listed on Thursdays (excluding holidays) and expire on Wednesdays. Cboe Options Exchange may list up to six consecutive weekly expirations for VIX options. VIX Weekly options generally have the same contract specifications as monthly expiring VIX contracts. See VIX Options Product Specifications for more information.



Settlement of VIX Options

The VIX Index settlement process is patterned after the process used to settle A.M.-settled S&P 500 Index options. The final settlement value for VIX futures and options is determined on the morning of their expiration date (usually a Wednesday) through a Special Opening Quotation ("SOQ") of the VIX Index using the opening prices of a portfolio of SPX options that expire 30 days later. The opening prices of these options are determined through Cboe's proprietary auction mechanism (Hybrid Opening System or HOSS). By providing market participants with a mechanism to buy and sell SPX options at the prices that are used to calculate the final settlement value for VIX derivatives, the VIX Index settlement process is "tradable."


Trade Cboe

Founded in 1973, Cboe was the first marketplace for trading listed options. For information including fee schedules, symbol directory, new listings, holiday calendar, and more, visit:


VIX News

 

 


Select VIX Institutional Research

The Cboe Volatility Index® (VIX® Index) is considered by many to be the world's premier barometer of equity market volatility. The VIX Index is based on real-time prices of options on the S&P 500® Index (SPX) and is designed to reflect investors' consensus view of future (30-day) expected stock market volatility. The VIX Index is often referred to as the market's "fear gauge".




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